The Lebanese Central Bank’s balance sheet conveys a $27.00 million (0.24%) appreciation in BDL’s foreign reserve assets portfolio during the second half of June 2025 to $11.33 billion (LBP 1,013.66 trillion), up from $11.30 billion (LBP 1,011.24 trillion) two weeks earlier. It is worth noting that BDL’s foreign reserve assets saw a sharp $2.75 billion increase between the beginning of August 2023 and end of June 2025 period as a result of the new monetary policy of the Central Bank which refrains from financing the government, lifted subsidies, and limited the printing of the local currency. The value of gold reserves at BDL contracted by 4.11% ($1.30 billion) in the second half of June to $30.28 billion (LBP 2,709.81 trillion) as gold prices fell to a two-week low amid easing geopolitical tensions.

BDL resorted to restate its Foreign Assets starting October 2024 to comply with international best practices by including non-resident and liquid foreign assets only under foreign reserve assets, while reclassifying other resident and/or illiquid items under the Securities Portfolio or Loans to the Local Financial Sector. This explains the sizeable drop in the foreign assets figure between end of June 2024 and end of June 2025, making the comparison irrelevant. In a related note, gold reserves rose by $8.80 billion (40.97%) year-on-year when benchmarked to the $21.48 billion figure recorded at end of June 2024 as demand for gold sustained its upturn amid the high interest rate environment, world inflationary pressure, trade wars, and escalating tensions in the Middle East.

In a related note, BDL’s total assets inched up by 0.06% on a bi-weekly basis to LBP 8,413.99 trillion in the second half of June 2025. This increase can be explained by the 0.24% increase in the value of foreign reserve assets, the 4.86% hike in the valuation adjustment account to LBP 2,412.74 trillion and the 4.70% increase in deferred open-market operations to LBP 169.65 trillion, altogether outweighing the 4.11% contraction in the value of gold reserves.

The share of BDL’s gold reserves and foreign reserve assets stood at 32.21% and 12.05% of the latter’s total balance sheet on a respective basis at end of June, compared to 33.61% and 12.03% two weeks earlier.